No. It doesn’t. Here’s an excerpt from Adam Hamilton’s blog where he addresses this fallacy.
“It is for these reasons that the biblical authors at times wrote things that today we rightly reject. We no longer believe it is permissible for one nation to kill every man, woman, and child of another nation; we call this genocide and consider it a war crime, though Israel was commanded to do this more than thirty times. We no longer beat our children with rods and if we observed this we would report the parent for child abuse, even though Proverbs repeatedly commends the practice. We no longer practice polygamy nor have concubines, though many of the Bible’s authors and heroes practiced polygamy and had concubines. We don’t believe that rebellious children should be put to death, nor that work on the Sabbath be a capital crime. We don’t believe women should keep silent in the church, nor do we require them to pray with their heads covered. And though the Bible introduced important regulations regarding slavery, it permitted slavery, including the beating of slaves, seeing the slave as the property of the master. And while the New Testament authors could have forbidden slave-holding among Christians, saving slaves centuries of human misery, they seem not to have imagined a world without slavery.”